Obama’s Corporate Tax Proposal Would Close Loopholes, Cut Rate


President Barack Obama’s proposed overhaul of corporate taxes would reduce the basic tax rate from 35% to 28% while eliminating dozens of subsidies and loopholes, a senior administration official said. Manufacturers would be given incentives that bring their effective tax rate down to 25%, while a new minimum tax rate for multinational corporations would be established to curb “accounting games to shift profits abroad.” FoxNews.com